POST Online Media Lite Edition


New Zealand giving $10.3 billion stimulus to rescue economy

Christian Fernsby |
New Zealand today announced one of the largest per capita stimulus packages in the world, amounting to 4 per cent of its gross domestic product, in an attempt to soften the negative economic impact from the coronavirus outbreak.

Article continues below

Topics: NEW ZEALAND   

The NZ$12 billion (S$10.3 billion) package was larger than that implemented during the global financial crisis, and bigger as a proportion of GDP than those announced by countries like Australia and Singapore, the authorities said.

"The government is pulling out all the stops to protect the health of New Zealanders and the health of our economy," Prime Minister Jacinda Ardern said in a news conference.

The New Zealand stock exchange reacted swiftly to the fiscal stimulus, with the bourse reversing a fall of more than 5 per cent.

What to read next

India, New Zealand sign deal for direct flights
Texas state and local government outstanding debt up 45 percent
New Zealand government forecasts surplus of 12 billion NZ dollars